There’s more than one way to invest in copper. In addition to buying shares of copper stocks, investors can gain exposure through copper exchange-traded funds (ETFs) or copper exchange-traded notes (ETNs).
For the uninitiated, ETFs are securities that trade like stocks on an exchange, but track an index, commodity, bonds or a basket of assets like an index fund. In the case of base metal copper, there are various options — an ETF can track specific groups of copper-focused companies, as well as copper futures contracts or even physical copper.
ETNs also track an underlying asset and trade like stocks on an exchange, but they differ from ETFs in some ways. Specifically, ETNs are more like bonds — they are unsecured debt notes issued by an institution, and can be held to maturity or bought and sold at will. The main disadvantage to be aware of is that investors risk total default if an ETN’s underwriter goes bankrupt.
The copper outlook is strong as demand rises and concerns about supply increase as the energy transition gains traction. This has caused many investors to wonder how to take advantage of the potential in the copper market.
1. Global X Copper Miners ETF (ARCA:COPX)
Assets under management: US$2.09 billion
The Global X Copper Miners ETF tracks the Solactive Global Copper Miners Index, which covers copper exploration companies, developers and producers. The fund has an expense ratio of 0.65 percent.
The fund currently has 39 holdings, with the top three companies being First Quantum Minerals (TSX:FM,OTC Pink:FQVLF), Freeport-McMoRan (NYSE:FCX) and Lundin Mining (TSX:LUN,OTC Pink:LUNMF).
2. United States Copper Index Fund (ARCA:CPER)
Assets under management: US$162.94 million
The United States Copper Index Fund aims to give investors exposure to a portfolio of copper futures without using a commodity futures account. It has an expense ratio of 1.04 percent.
The fund tracks the performance of the SummerHaven Copper Index Total Return (INDEXNYSEGIS:SCITR), which is calculated based on certain copper futures contracts selected on a monthly basis.
3. Sprott Physical Copper Trust (TSX:COP.U,OTCQX:SPHCF)
Assets under management: US$96.59 million
A relatively new ETF, the Sprott Physical Copper Trust was established in July 2024 and is one of the first funds to be based around physical copper. The fund has an expense ratio of 2.03 percent.
As of the start of May 2025, the fund held 10,157 metric tons of copper worth US$96.59 million.
4. iShares Copper and Metals Mining ETF (NASDAQ:ICOP)
Assets under management: US$50.63 million
The iShares Copper and Metals Mining ETF tracks the STOXX Global Copper and Metals Mining Index, which is composed of public companies primarily engaged in copper and metal mining. It has an expense ratio of 0.47 percent.
The fund represents a global portfolio of 41 copper companies. Its top three holdings are Grupo Mexico (OTC Pink:GMBXF,BMV:GMEXICOB), BHP (NYSE:BHP,ASX:BHP,LSE:BHP) and Freeport McMoRan.
5. Sprott Copper Miners ETF (NASDAQ:COPP)
Assets under management: US$23.65 million
Sprott Asset Management bills its Sprott Copper Miners ETF as ‘the only pure-play ETF focused on large-, mid- and small-cap copper mining companies that are providing a critical mineral necessary for the clean energy transition.’
It came to market in March 2024, and has an expense ratio of 0.65 percent.
The fund is made up of a portfolio of 49 companies and has a market cap of US$279 billion; it is rebalanced twice a year in June and December. The fund’s top three holdings are Freeport-McMoRan, Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) and Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF).
6. Sprott Junior Copper Miners ETF (NASDAQ:COPJ)
Assets under management: US$12.6 million
Launched in February 2023, the Sprott Junior Copper Miners is a pure-play ETF that, as its name suggests, is focused on small-cap copper miners. It has an expense ratio of 0.76 percent.
The fund consists of 40 companies, and its top three holdings are Northern Dynasty Minerals (TSX:NDM,NYSEAMERICAN:NAK), Solaris Resources (TSX:SLS,NYSEAMERICAN:SLSR) and Atalaya Mining (LSE:ATYM).
Like Sprott’s other copper fund on this list, COPJ is rebalanced twice a year in June and December.
7. iPath Series B Bloomberg Copper Subindex Total Return ETN (OTC Pink:JJCTF)
Assets under management: US$6.9 million
The iPath Series B Bloomberg Copper Subindex Total Return ETN provides exposure to the Bloomberg Copper Subindex Total Return. According to Barclays (LSE:BARC), the note ‘reflects the returns that are potentially available through an unleveraged investment in the futures contracts on copper.’ It is tied to the high-grade copper futures contract available on the Comex and carries an expense ratio of 0.75 percent.
Unlike an ETF, an ETN does not own the underlying asset. Instead, an ETN functions in the same way as an uninsured bond. Investopedia states that investors take their profits when they sell the note or it reaches maturity.
Securities Disclosure: I, Dean Belder, hold shares of Northern Dynasty Minerals.
